News

DST Systems earnings dip

DST Systems Inc. reported a dip in second-quarter profits and revenues.

Profits totaled $48.7 million, or 97 cents a share, compared with $49.9 million, or 85 cents a share, a year earlier. The company had fewer shares outstanding at the end of June than it did a year earlier.

The Kansas City-based company said the number of mutual fund accounts it services for client fund companies grew by 1.3 percent from the end of March.

The 118.9 million accounts it handles includes 8.9 million subaccounts, on which it earns less income.

DST said it gained three new client commitments during the quarter. The clients will transfer 200,000 fund accounts to DST’s systems in 2010.

Revenues, $554 million company-wide, were down at both its financial services and output solutions segments.

DST also indicated that losses at its Argus Health Systems Inc. subsidiary continued through mid-year.

Argus, also based in Kansas City, handled 12 percent fewer pharmacy claims in the second quarter than it did a year earlier, DST’s announcement said.

Shares of DST gained 72 cents to close at $40.26 ahead of the after-market earnings report.

  Comments